Take it all the way back to basics. Fuel, air, spark.
Make sure you are getting spark at the plug. Easy enough to check, pull a plug out of the head but leave it plugged into the coil. Lay the thing down so the electrode is near bare metal, then have someone crank it so you can watch. You'll see the spark.
Check fuel. You said you had 40/50psi, but where? Easiest way I've found to check is to spray starting fluid into the intake just before the throttle body before cranking it. If it now starts, you know you have a fuel issue.
Air. The Capri is a pain with the VAF metering air, so any little intake leak is gonna cause problems starting. Easiest solution here would be to smoke test your whole intake, make sure its air tight.
